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Kerosene, LPG, ATF prices raised
New Delhi: The Union government has raised the administered prices of kerosene,
liquefied petroleum gas, and aviation turbine fuel while leaving diesel and petrol
untouched. Kerosene prices have increased 125 per cent at the ex-storage point, ATF prices
by Rs 2 a kilolitre, and the subsidy on LPG is down 18.5 per cent.
Kerosene will carry a subsidy of Rs 5.33 per litre against Rs 7.83
earlier, and LPG Rs 132 per cylinder against Rs 162 earlier. ATF earlier got a subsidy of
Rs 1.06 per kilolitre, which has been wiped out with the Rs 2 hike.
The government expects the oil pool account to end fiscal 1999-2000 with a deficit of Rs
6,300 crore.
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Minimum
support price for wheat raised
New Delhi: The Union government has raised the minimum support price for the
1999-2000 wheat crop to Rs 580 per quintal from Rs 550 earlier, according to an
agriculture ministry statement.
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Insat-3B to take
mobile, business communications into new orbit
Bangalore: Europe’s Arianespace successfully launched India’s first
third-generation satellite, the Insat-3B, from Kourou in French Guiana on 22 March. The Rs
150-crore satellite with has a mission life of 10 years, will give a boost to Indian
mobile and business communications. The satellite was built by the Indian Space Research
Organisation.
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IBA reaches
agreement with three unions
Mumbai: The Indian Banks Association
has reached an agreement with three bank employees’ unions on the wage revision
issue. A settlement will be signed by 25 March 2000.
The three unions, the All India Bank Employees’ Association, the National
Confederation of Bank Employees, and the Indian National Bank Employees Federation, have
agreed to the principles of distribution of a 12.3 per cent wage increase as per a
memorandum of understanding dated 11 March 1999.
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RBI norms
for investment valuations
Mumbai: The Reserve Bank of India has issued a press release saying that the
procedure for valuation of investments based on the revised classification of securities
as recommended by the Informal Group on Valuation of Banks' Investment Portfolio will be
effective 31 March 2001. Detailed guidelines in this regard will be issued.
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Sell off NTPC,
says ICICI
New Delhi: It is reported that the ICICI report on restructuring of public sector
power companies has recommended the sale of government equity in the National Thermal
Power Corporation as a means to raising funds for the power sector. The report was
submitted recently to the government.
The government has also received recommendations from
SBI Capital Markets, which is believed to have made a similar recommendation.
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IOC-GPCL
pact for power project
New Delhi: Indian Oil Corporation has signed an agreement with Gujarat Power
Corporation Ltd to build a 500-MW vacuum residue-based power plant at Savli in Gujarat. As
per the memorandum of understanding signed by the two companies, GPCL will take an 11 per
cent equity stake in the project, and Japan’s Mitsubishi a 26 per cent stake.
The project will get its fuel Indianoil’s
12.5-million tonnes per year refinery at Vadodara.
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Four
power distribution companies in Andhra
Hyderabad: The government of Andhra Pradesh and AP Transmission Corporation Ltd are
creating four major distribution companies, which will operate in separate geographical
regions of the state. While the details are being worked out, it is expected that these
companies will be opened for private sector investment.
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